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Investing.com — U.S. stocks opened in the green on Wednesday, as investors sifted through a fresh set of quarterly results.
By 09:35 ET (14:35 GMT), the benchmark S&P 500 had gained 0.4%, the tech-heavy Nasdaq Composite had risen by 0.5%, and the blue-chip Dow Jones Industrial Average had advanced by 0.3%.
The main averages on Wall Street ended Tuesday slightly higher after spending much of the session in the red. Dampening sentiment were comments from Cleveland Fed President Loretta Mester and Minneapolis Fed President Neel Kashkari. Mester said an uncertain inflation outlook had clouded the timing for potential rate cuts, while Kashkari argued that the central bank’s fight to tame elevated inflation is “not done yet.” Both echoed a similar recent stance taken by Fed Chair Jerome Powell that has all but dashed hopes for an imminent reduction in borrowing costs.
Investors are now shifting their focus towards a slew of quarterly results, including figures from media titan Walt Disney (NYSE:DIS) after the bell.
In early dealmaking, Snap (NYSE:SNAP) shares plummeted after the social media giant reported quarterly revenue of $1.36 billion that missed projections of $1.38 billion.
Unlike bigger rivals such as Facebook-owner Meta (NASDAQ:META), the Santa Monica-headquartered business has struggled to overcome a downturn in digital advertising spending during a time of tighter financial conditions. Snap, which detailed plans to lay off 10% of its workforce earlier this week, flagged that its operating environment has been “challenging.”
Shares in Ford Motor (NYSE:F) moved higher after the the automotive giant unveiled a revenue outlook that topped analysts’ expectations and vowed to return more cash to its stakeholders.
Uber Technologies (NYSE:UBER) posted its first-ever annual operating profit on a net basis thanks in part to solid holiday demand for its ride-sharing and food delivery services. Shares were broadly flat shortly after the start of the U.S. session.
Elsewhere, New York Community Bancorp (NYSE:NYCB) said it had a strong enough liquidity base to more than cover bank deposits that were not protected by U.S. government-backed insurance, as the regional bank looked to soothe jittery investors after Moody’s (NYSE:MCO) slashed its long-term and some short-term issuer ratings to “junk” status. Even still, shares in the regional bank slipped following choppy premarket trading.
Oil prices rose slightly as investors sought more cues on U.S. production and inventories from official data due later in the day, while focus remained on ongoing ceasefire negotiations in the Israel-Hamas war.
Forecasts for a potential drop in U.S. output from record highs has spurred some strength this week in oil prices, which were otherwise reeling from steep losses fueled by speculation over an end to disruptions in the Middle East.
A softer dollar also afforded some relief to crude prices, with the greenback retreating from almost three-month highs reached earlier in the week. The strength in the dollar was driven chiefly by expectations of higher-for-longer U.S. interest rates.
Brent oil futures expiring in April had climbed 0.6% to $79.03 a barrel, while West Texas Intermediate crude futures edged up 0.7% to $73.83 per barrel by 09:50 ET. Both contracts slumped over 7% each last week.
Oliver Gray contributed to this report.
Source: Investing.com
